| In recent years,China's securities market has developed rapidly,and bond funds,as an important part of the securities market,are increasingly recognized by the market.However,the performance evaluation of bond-type open-end funds is relatively backward,which brings great inconvenience to investors,managers and regulators in China.Therefore,the establishment of a more effective fund performance evaluation system has become a hot issue in the fund industry.Based on the existing theory of fund investment efficiency evaluation,this paper uses case study method to evaluate the performance of Baoyuan Bond Ain South China At the same time,30 bond-based funds whose establishment date is earlier than December 31,2012 are selected as the research objects.Two output indicators are selected synthetically.Five input indicators are used to get the fund investment efficiency by data envelopment analysis.The sample funds are selected from 2016 to 2018.The efficiency of investment is studied and analyzed.In performance evaluation,this paper establishes a performance evaluation system from three aspects:the actual efficiency of the fund,the causes of performance fluctuations and the sustainability of the fund performance.Firstly,the efficiency value of target fund is calculated by data envelopment analysis(DEA).Then,the dynamic evolution of fund efficiency in different periods is studied by using Malmquist index.Finally,the factors that may affect the efficiency of bond funds in China are discussed from macro and micro levels by using Tobit regression model.It is found that the purchasing manager index,fund size,fund rate and fund efficiency are negatively correlated.The fund manager,s stock selection ability and CITIC's total debt index are positively correlated with fund efficiency,and a comprehensive evaluation system is established.Finally,the DEA model and its results are used to provide data support for the study of investment efficiency and improvement direction of bond funds. |
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